While the liberal arts form the foundation of a university education, students sometimes need grounding in the art of tangible assets. The Ancell School of Business and Union Savings Bank of Danbury together created the Institute for Financial Literacy (IFL) to teach students about how to manage their money.

BusinessWeek reported in July 2009 that “With experts blaming students' financial woes on risky loans and a lack of understanding of key money concepts, financial illiteracy in America is getting serious attention from universities around the country.” Work on the IFL had already begun and in January 2010, Gary Lemme, a Western alumnus, was named the first director.

Lemme had been senior vice president at Union Savings Bank, which has agreed to underwrite the IFL for five years.

“We think hundreds of students will take advantage to learn important financial skills,” Lemme said. “The knowledge they take from the IFL will help to reduce or keep them out of debt, and be better stewards of the money they earn after graduation.”